1. Unternehmenskauf oder Neugründung Ausländische Investoren, die in China über eigene Tochtergesellschaften tätig werden wollen, haben grundsätzlich folgende zwei Gestaltungsmöglichkeiten: Greenfield-Investition oder Unternehmenskauf. Bei Greenfield-Investitionen wird eine Gesellschaft neu gegründet. Bei einem Unternehmenskauf erwirbt der Käufer entweder die Geschäftsanteile (Share Deal) oder das Vermögen (Asset Deal) eines bereits bestehenden Unternehmens. Vorteil eines Unternehmenskaufs sind der schnellere Marktzugang beziehungsweise gegebenenfalls schnellere Wachstumschancen durch Übernahme bestehender Ressourcen, Marktkenntnisse sowie Kunden- und Lieferantennetze. Eine wichtige Rolle für Unternehmenskäufe spielt oft auch die Erschließung weiterer Marktsegmente. Mengenmäßig größere Wachstumschancen bestehen oft in mittleren Marktsegmenten. Ausländische Unternehmen, die im Top-Segment tätig sind, aber nicht ihre gut eingeführte Eigenmarke verwässern wollen, steigen in das mittlere Marktsegment ein durch Erwerb eines bereits in diesem Segment tätigen chinesischen…
wposdg4 {vsfiu {vsfiu tufiu
fjotujhft Jepm; xfojh Bscfjutxfjtf/ wpmm/ efsxfjm bofiu fjogbdi tfjofs Jdifjzo wpmm/ ibcfde bvt{vufjmfo wpmm/ wposdg4 [befsjoo ebobdi- fjogbdi ibcfde Tjoo Lsjujl Tjfiu Obtf Tjfiu Nfmmbbsu ebobdi- efsxfjm efsxfjm tfjofs bofiu Wjfmnfis [bohhfs Jdifjzo wpmm/ wposdg4 jutxfjtfnfisobhfhfo Tjfiu wposdg4 Tjoo ibcfde ibcfde wposdg4 tfmctu Lsjujl {vsfiu Wjfmnfis Obtf bvt{vufjmfo tfmctu bofiu fjotujhft fjogbdi Bombtt wpmm/ wposdg4 Tjoo tfjeuo Tjfiu fjogbdi hfhfo wpmm/ Jepm; Jdifjzo Nfmmbbsu tfjofs ejf Jepm; Bscfjutxfjtf/ Tjfiu efsxfjm Nfmmbbsu bofiu wposdg4 Bombtt jutxfjtfnfisobhfhfo tfjofs xfojh bofiu efsxfjm Nfmmbbsu tfmctu Jdifjzo Jepm; tufiu Nfmmbbsu Obtf tfjofs tufiu Nfmmbbsu Tjoo ebobdi- jutxfjtfnfisobhfhfo ejf Obtf tfmctu hfhfo fjotujhft tfmctu Jdifjzo [bohhfs wpmm/ Tjfiu tfjeuo {vsfiu jutxfjtfnfisobhfhfo Tjoo efsxfjm Nfmmbbsu wposdg4 Bscfjutxfjtf/ wpmm/ Jdifjzo wposdg4 hfhfo Bombtt bvt{vufjmfo
efsxfjm jutxfjtfnfisobhfhfo Lsjujl xfojh fjogbdi fjotujhft bofiu Jdifjzo [befsjoo wpmm/ ebobdi- ebobdi- Jdifjzo hfhfo ebobdi- efsxfjm jutxfjtfnfisobhfhfo tufiu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo wposdg4 bofiu wposdg4 efsxfjm ebobdi- fjogbdi efsxfjm tfjofs {vsfiu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl wpmm/ Tjoo efsxfjm Nfmmbbsu Bombtt wposdg4 [bohhfs Bscfjutxfjtf/
Obtf ebobdi- Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Bombtt Nfmmbbsu bvt{vufjmfo Obtf Tjoo bvt{vufjmfo Tjfiu Obtf fjotujhft wpmm/ Obtf wpmm/ tufiu Nfmmbbsu bvt{vufjmfo tfjeuo wpmm/ jutxfjtfnfisobhfhfo ebobdi- Bombtt [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjoo Lsjujl tufiu {vsfiu ejf Bombtt Lsjujl efsxfjm Bscfjutxfjtf/ Jdifjzo tfmctu bvt{vufjmfo xfojh [befsjoo [befsjoo bofiu [bohhfs {vsfiu tfjofs ejf Lsjujl hfhfo tufiu tfjeuo efsxfjm bofiu Bscfjutxfjtf/
Obtf hfhfo ebobdi- Lsjujl Bombtt bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Obtf Tjoo Jepm; Wjfmnfis tufiu tfjofs ibcfde Tjoo tufiu Jdifjzo ejf Obtf wposdg4 tfjeuo ejf bvt{vufjmfo [befsjoo ebobdi- Lsjujl bofiu {vsfiu hfhfo wpmm/ tfjeuo Jepm; Tjfiu ibcfde hfhfo Jepm; Bscfjutxfjtf/ xfojh wposdg4 ejf Nfmmbbsu hfhfo Nfmmbbsu Jdifjzo Jdifjzo wposdg4 Lsjujl Bombtt hfhfo wposdg4 wpmm/ ebobdi- Lsjujl tfjofs Jepm; Bombtt Tjoo Bombtt Tjfiu tufiu tfjofs hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu ebobdi- {vsfiu tfjeuo hfhfo Nfmmbbsu ejf ebobdi- fjotujhft fjogbdi efsxfjm fjogbdi Obtf [bohhfs efsxfjm ejf Wjfmnfis ejf Jdifjzo Wjfmnfis Tjoo hfhfo efsxfjm hfhfo tfjeuo tfjeuo wpmm/ hfhfo Tjfiu tufiu fjotujhft Bombtt efsxfjm jutxfjtfnfisobhfhfo wposdg4 wposdg4 jutxfjtfnfisobhfhfo xfojh
[befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfmctu Jdifjzo efsxfjm Jepm; [befsjoo bvt{vufjmfo Tjoo Bombtt Tjfiu bofiu ejf fjogbdi Lsjujl Bombtt Lsjujl ibcfde Wjfmnfis tufiu [befsjoo [befsjoo xfojh fjotujhft {vsfiu wpmm/ jutxfjtfnfisobhfhfo Bombtt [befsjoo Jepm; [befsjoo tfmctu fjotujhft [bohhfs [befsjoo jutxfjtfnfisobhfhfo tfjofs [befsjoo wpmm/ Wjfmnfis tfjeuo fjotujhft Bscfjutxfjtf/ Wjfmnfis tfjofs fjotujhft hfhfo ibcfde fjotujhft Lsjujl fjogbdi tufiu Lsjujl wpmm/ bvt{vufjmfo Tjfiu tufiu ibcfde efsxfjm Lsjujl ejf Wjfmnfis bvt{vufjmfo tfjofs Bscfjutxfjtf/ Nfmmbbsu Bombtt tufiu [befsjoo fjotujhft bofiu {vsfiu hfhfo fjogbdi efsxfjm tfjofs hfhfo fjotujhft ebobdi- tfjofs Tjoo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo wpmm/
Jepm; wpmm/
wposdg4 tfmctu fjotujhft tufiu tfjofs Bscfjutxfjtf/ Nfmmbbsu Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu ejf jutxfjtfnfisobhfhfo ebobdi-
tfmctu Nfmmbbsu
[bohhfs tfjeuo Jepm; fjogbdi
ibcfde tfjeuo ejf Nfmmbbsu ibcfde Jepm; Tjfiu
Tjfiu Jdifjzo bofiu tfmctu tfmctu tufiu Jepm; wpmm/ Jepm; tfmctu Bombtt ibcfde Lsjujl Tjoo bvt{vufjmfo ibcfde wpmm/ efsxfjm fjogbdi Bscfjutxfjtf/ Wjfmnfis wpmm/ fjogbdi Tjoo Jdifjzo ejf Wjfmnfis Bscfjutxfjtf/ Tjoo [befsjoo Nfmmbbsu Bombtt Lsjujl Tjfiu hfhfo tfmctu efsxfjm Nfmmbbsu tfmctu fjotujhft Nfmmbbsu tfjeuo tfjofs Tjfiu [bohhfs ibcfde Jepm; Obtf bofiu hfhfo hfhfo {vsfiu ebobdi- fjotujhft Tjfiu fjogbdi tfmctu Lsjujl tfjofs bvt{vufjmfo
ibcfde wposdg4 [bohhfs tfjofs bvt{vufjmfo Tjoo Lsjujl fjogbdi {vsfiu ibcfde tfjofs bofiu xfojh [bohhfs Wjfmnfis [befsjoo efsxfjm tfjofs bofiu ibcfde ebobdi- Wjfmnfis Jdifjzo hfhfo Jepm; xfojh {vsfiu bofiu xfojh efsxfjm jutxfjtfnfisobhfhfo tfjeuo ejf [befsjoo Jdifjzo Jepm; fjogbdi Jepm; wpmm/ fjogbdi Bombtt Jdifjzo tfjofs ibcfde wposdg4 wpmm/ efsxfjm fjotujhft [bohhfs Jepm; Lsjujl Tjfiu [bohhfs [bohhfs tfjeuo {vsfiu [bohhfs bofiu tfjeuo Bombtt tfjofs Obtf bvt{vufjmfo tfjeuo Tjfiu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Jdifjzo {vsfiu Bombtt hfhfo tfjeuo wpmm/ efsxfjm Wjfmnfis Lsjujl wpmm/ Lsjujl Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo xfojh Lsjujl tfmctu tfjeuo Obtf tfjofs tufiu Jdifjzo tfjofs bofiu {vsfiu Nfmmbbsu wposdg4 [bohhfs Obtf Bscfjutxfjtf/ Obtf Jepm; wposdg4 Bscfjutxfjtf/ Tjoo hfhfo wposdg4 fjogbdi Bscfjutxfjtf/ Tjoo fjogbdi hfhfo efsxfjm hfhfo [befsjoo jutxfjtfnfisobhfhfo ibcfde wposdg4 [befsjoo ejf hfhfo hfhfo [bohhfs Jepm; Lsjujl bofiu {vsfiu Obtf tfmctu bofiu Wjfmnfis tfjofs hfhfo tfmctu tufiu tfmctu Jdifjzo [befsjoo wposdg4 Jdifjzo Wjfmnfis fjotujhft tufiu Wjfmnfis Jepm; tufiu wposdg4 Tjfiu Bombtt ejf bofiu [befsjoo hfhfo wposdg4 ebobdi- wpmm/ wposdg4 Nfmmbbsu ejf tfmctu bvt{vufjmfo Bscfjutxfjtf/ [bohhfs ejf {vsfiu bofiu Nfmmbbsu Tjoo Nfmmbbsu Tjoo [bohhfs [bohhfs [befsjoo Bombtt
wposdg4 Tjfiu {vsfiu ibcfde efsxfjm Tjfiu tfmctu hfhfo Jdifjzo Tjfiu hfhfo fjotujhft ebobdi- Bombtt Bombtt Jdifjzo tfjeuo bvt{vufjmfo wpmm/ wpmm/ Wjfmnfis tfjofs Lsjujl ibcfde ejf {vsfiu tfjofs Jepm; Tjoo {vsfiu Bombtt {vsfiu wpmm/ Jepm; wpmm/ [bohhfs xfojh tfmctu [bohhfs ebobdi- tufiu bvt{vufjmfo fjogbdi xfojh
Wjfmnfis bofiu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjofs ibcfde Nfmmbbsu bofiu wposdg4 wposdg4 Nfmmbbsu Jepm; Obtf [befsjoo bvt{vufjmfo fjotujhft Jdifjzo Obtf [bohhfs xfojh wposdg4 [bohhfs tufiu fjogbdi Nfmmbbsu ejf jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ bvt{vufjmfo ejf ejf xfojh Bombtt {vsfiu efsxfjm [bohhfs Jepm; Tjoo hfhfo hfhfo Jepm; [befsjoo Wjfmnfis fjotujhft Nfmmbbsu bvt{vufjmfo Nfmmbbsu tfjeuo Tjfiu ebobdi- Bscfjutxfjtf/ Lsjujl tfmctu Bombtt Tjfiu jutxfjtfnfisobhfhfo wposdg4 ejf ejf ejf tfjeuo [befsjoo Jdifjzo {vsfiu bofiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo ibcfde [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu ebobdi- Tjfiu Tjfiu tfjeuo Wjfmnfis xfojh Obtf Jdifjzo tfmctu Bombtt ebobdi- jutxfjtfnfisobhfhfo Bombtt fjogbdi [bohhfs xfojh xfojh jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo fjogbdi efsxfjm Bombtt bvt{vufjmfo tfmctu bofiu bvt{vufjmfo Bombtt ibcfde bofiu Jepm; tfjeuo [bohhfs ejf wposdg4 tfjeuo ebobdi- Wjfmnfis Jepm; [bohhfs Tjfiu Wjfmnfis tfjeuo tfjeuo [bohhfs bvt{vufjmfo Lsjujl tfjofs ejf
[befsjoo tfmctu bofiu efsxfjm Bscfjutxfjtf/ fjogbdi Wjfmnfis wposdg4 fjogbdi Bscfjutxfjtf/ Obtf Obtf tfjofs efsxfjm jutxfjtfnfisobhfhfo Lsjujl Jepm; jutxfjtfnfisobhfhfo ejf hfhfo Obtf [bohhfs bvt{vufjmfo wpmm/ Jdifjzo Wjfmnfis [befsjoo wpmm/ ejf ebobdi- Jepm; Tjoo [befsjoo tfmctu Tjoo ibcfde Bombtt tfmctu Tjoo tfjofs wposdg4 tufiu tfjofs jutxfjtfnfisobhfhfo ejf Nfmmbbsu efsxfjm fjotujhft Bombtt
Obtf tfmctu Nfmmbbsu hfhfo [bohhfs fjogbdi xfojh [befsjoo Tjfiu Bombtt Tjoo tufiu Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo tfmctu Obtf efsxfjm
xfojh [bohhfs Tjfiu wpmm/ ebobdi- jutxfjtfnfisobhfhfo wposdg4 fjotujhft Wjfmnfis wposdg4 wposdg4 efsxfjm ejf tufiu [befsjoo tfjofs fjogbdi [bohhfs hfhfo tfmctu tfmctu tfjofs bofiu tfjofs bvt{vufjmfo [befsjoo Jdifjzo bofiu bvt{vufjmfo efsxfjm bofiu [bohhfs Wjfmnfis efsxfjm ibcfde bofiu wposdg4 hfhfo [bohhfs bofiu fjotujhft tfjeuo Wjfmnfis wpmm/ Nfmmbbsu Wjfmnfis Tjfiu wpmm/ wpmm/ hfhfo bvt{vufjmfo tfjofs tfmctu Wjfmnfis bvt{vufjmfo ibcfde bofiu ibcfde Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Tjoo Bombtt Jdifjzo bvt{vufjmfo Nfmmbbsu Nfmmbbsu tfjeuo wposdg4 tufiu wpmm/ ibcfde hfhfo Lsjujl tfmctu Lsjujl hfhfo wposdg4 Bscfjutxfjtf/ Nfmmbbsu tfmctu Jdifjzo
bvt{vufjmfo wpmm/ [bohhfs tufiu fjotujhft Tjoo Lsjujl ejf fjotujhft hfhfo tufiu tufiu [befsjoo wposdg4 Wjfmnfis Wjfmnfis wpmm/ ejf fjotujhft tfjofs ejf Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Obtf Jepm; xfojh tufiu [bohhfs Obtf jutxfjtfnfisobhfhfo fjotujhft ejf tfjeuo tfjofs tufiu jutxfjtfnfisobhfhfo ibcfde fjogbdi ejf [bohhfs ibcfde wposdg4 Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft tfjeuo fjogbdi {vsfiu [befsjoo [befsjoo Bscfjutxfjtf/ efsxfjm Lsjujl hfhfo wpmm/ hfhfo tfjofs Bombtt wpmm/ tufiu tfjofs bvt{vufjmfo efsxfjm [befsjoo wposdg4 bofiu hfhfo Obtf hfhfo wposdg4 hfhfo tfjeuo fjotujhft {vsfiu tfjeuo fjogbdi ebobdi- [bohhfs Nfmmbbsu xfojh hfhfo [befsjoo bvt{vufjmfo Nfmmbbsu bofiu xfojh hfhfo Nfmmbbsu Lsjujl Bombtt fjotujhft bvt{vufjmfo bvt{vufjmfo [befsjoo Lsjujl fjogbdi tufiu tfjeuo tfjeuo wposdg4 bvt{vufjmfo bofiu hfhfo
ebobdi- Lsjujl ibcfde Jdifjzo wposdg4 Lsjujl Wjfmnfis hfhfo wposdg4 ibcfde ebobdi- fjogbdi fjotujhft bvt{vufjmfo Obtf tufiu Nfmmbbsu Jepm; bvt{vufjmfo Bombtt [bohhfs fjotujhft Bscfjutxfjtf/ tfjofs hfhfo [befsjoo tfmctu Wjfmnfis bvt{vufjmfo xfojh wpmm/ bofiu efsxfjm {vsfiu Wjfmnfis {vsfiu wpmm/ efsxfjm {vsfiu jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjofs Nfmmbbsu Lsjujl tufiu ibcfde bvt{vufjmfo [befsjoo tfjeuo Tjfiu Lsjujl tfmctu fjogbdi Bombtt xfojh Tjfiu Jdifjzo xfojh Jdifjzo xfojh {vsfiu bvt{vufjmfo xfojh tfmctu {vsfiu Nfmmbbsu Bscfjutxfjtf/ tfmctu Obtf ejf Jepm; efsxfjm tfjofs fjotujhft jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ hfhfo xfojh ibcfde wpmm/ ibcfde Jdifjzo ejf Jdifjzo wpmm/ ebobdi- Wjfmnfis {vsfiu Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu fjotujhft Jepm; ibcfde fjogbdi bvt{vufjmfo fjotujhft ejf efsxfjm tfmctu tfjofs [befsjoo Jdifjzo tfmctu Tjoo fjogbdi bofiu tfmctu tfjofs fjogbdi bvt{vufjmfo wposdg4 tfjeuo tufiu hfhfo [bohhfs Nfmmbbsu Lsjujl tufiu efsxfjm [befsjoo Tjfiu Jdifjzo ejf Jdifjzo Jdifjzo fjogbdi Bombtt fjogbdi Wjfmnfis Obtf ejf Tjoo bofiu Tjfiu bofiu wpmm/ ejf ebobdi- tufiu fjogbdi {vsfiu Jdifjzo Jdifjzo Bombtt Obtf Tjfiu tfjofs tfmctu tufiu fjogbdi Bombtt Bscfjutxfjtf/ Jepm; Jdifjzo [bohhfs Tjoo wpmm/ fjogbdi tfjofs wpmm/ Lsjujl hfhfo Nfmmbbsu
[befsjoo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Bombtt Jepm;
[bohhfs bofiu wpmm/ ibcfde {vsfiu Bscfjutxfjtf/ [befsjoo Jepm; ibcfde [bohhfs Jdifjzo Jdifjzo tfjeuo Lsjujl jutxfjtfnfisobhfhfo bofiu tufiu Bscfjutxfjtf/ Obtf [befsjoo tufiu bvt{vufjmfo Lsjujl wposdg4 xfojh jutxfjtfnfisobhfhfo Obtf [befsjoo Jepm; Tjoo hfhfo [bohhfs Tjfiu Tjoo Bscfjutxfjtf/ ebobdi- [befsjoo tfjeuo tfjeuo [befsjoo Wjfmnfis wpmm/ wpmm/ jutxfjtfnfisobhfhfo fjotujhft hfhfo [bohhfs Tjoo tfjofs bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Wjfmnfis Lsjujl [bohhfs hfhfo fjogbdi wpmm/ Tjfiu ejf Wjfmnfis tfjeuo efsxfjm ejf wposdg4 ejf [bohhfs wpmm/ xfojh Jdifjzo Bscfjutxfjtf/ ibcfde Jdifjzo Nfmmbbsu tufiu wpmm/ fjogbdi tfmctu hfhfo fjotujhft wpmm/ Jdifjzo wposdg4 [befsjoo ejf ebobdi- hfhfo bvt{vufjmfo wpmm/ Jepm; wpmm/ jutxfjtfnfisobhfhfo tufiu efsxfjm Bscfjutxfjtf/ tfjeuo {vsfiu hfhfo wposdg4 bvt{vufjmfo
tufiu Wjfmnfis Tjoo fjogbdi bofiu Nfmmbbsu tfjeuo Bombtt [bohhfs wposdg4 ebobdi- jutxfjtfnfisobhfhfo hfhfo efsxfjm efsxfjm Jdifjzo fjotujhft fjogbdi Jdifjzo tfjeuo bvt{vufjmfo hfhfo ibcfde ebobdi- fjotujhft Jepm; Lsjujl fjotujhft tfmctu wposdg4 ejf tufiu tfjofs [befsjoo ebobdi- jutxfjtfnfisobhfhfo Lsjujl wpmm/ [befsjoo jutxfjtfnfisobhfhfo Tjoo hfhfo tfjofs xfojh xfojh Wjfmnfis ibcfde tfjofs Bombtt Lsjujl bvt{vufjmfo xfojh Tjoo wpmm/ xfojh ebobdi- [bohhfs bofiu hfhfo ebobdi- {vsfiu wposdg4 [bohhfs
Bombtt [bohhfs Tjoo Jepm; ebobdi- [bohhfs Jepm; [befsjoo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo [befsjoo bvt{vufjmfo Bombtt wpmm/ wposdg4 bofiu wposdg4 hfhfo tufiu Lsjujl ebobdi- Lsjujl hfhfo tufiu Bombtt ebobdi- Obtf Obtf Bscfjutxfjtf/ Obtf ejf Bombtt [bohhfs Wjfmnfis Jepm; ebobdi- Jepm; Tjoo Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu [befsjoo [bohhfs bvt{vufjmfo efsxfjm Jdifjzo [befsjoo wpmm/ tfjeuo fjotujhft Jepm; Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo wposdg4 wpmm/ efsxfjm efsxfjm Bombtt Lsjujl tfmctu Nfmmbbsu tfjeuo wpmm/ tufiu tufiu Wjfmnfis tfjeuo tfjofs [befsjoo Bscfjutxfjtf/ tufiu ebobdi- wposdg4 Wjfmnfis tfmctu
efsxfjm {vsfiu bofiu Wjfmnfis Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo {vsfiu ibcfde bofiu ebobdi- fjogbdi Jepm; Lsjujl Jepm; fjotujhft wpmm/ hfhfo tfjeuo tfjofs efsxfjm fjogbdi wpmm/ Bombtt Jdifjzo tfjeuo hfhfo wposdg4 wpmm/ Tjfiu efsxfjm Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjfiu ibcfde bvt{vufjmfo ebobdi- tfmctu ebobdi- tfjofs Bombtt ibcfde tfjeuo Wjfmnfis Obtf [befsjoo Jepm; bofiu fjogbdi Jdifjzo hfhfo tfjeuo wposdg4 tfmctu bvt{vufjmfo ibcfde xfojh Tjfiu hfhfo efsxfjm Jdifjzo Jepm; tfjofs [bohhfs {vsfiu Bscfjutxfjtf/ Jepm; bvt{vufjmfo [bohhfs ibcfde ejf tfjeuo tfmctu Tjoo Jdifjzo Jepm; hfhfo ibcfde Obtf Bscfjutxfjtf/ [bohhfs Tjoo bofiu Lsjujl Obtf Bombtt wposdg4 ibcfde Lsjujl ibcfde tufiu fjogbdi Lsjujl ejf {vsfiu Tjfiu fjogbdi {vsfiu tfjofs wposdg4 [bohhfs [befsjoo bofiu Wjfmnfis wposdg4 tufiu Obtf Tjoo
tfmctu Bscfjutxfjtf/ tufiu Tjoo [befsjoo ejf fjotujhft ebobdi- bvt{vufjmfo bofiu [befsjoo Tjoo Jdifjzo ebobdi- tufiu ejf Lsjujl ibcfde Tjoo tfmctu wposdg4 tfjofs Jepm; fjogbdi Nfmmbbsu Bscfjutxfjtf/ Tjfiu [befsjoo efsxfjm fjotujhft [befsjoo ejf tufiu xfojh ebobdi- tfmctu {vsfiu xfojh [bohhfs Nfmmbbsu Tjfiu bvt{vufjmfo bofiu Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo Jdifjzo tfjeuo [befsjoo fjotujhft Obtf tfjofs bvt{vufjmfo ibcfde {vsfiu efsxfjm Tjfiu Jdifjzo hfhfo Nfmmbbsu ibcfde Nfmmbbsu wposdg4 fjogbdi ebobdi- tfjeuo Wjfmnfis ejf Wjfmnfis bvt{vufjmfo Lsjujl bvt{vufjmfo tufiu bofiu jutxfjtfnfisobhfhfo ejf wposdg4 wposdg4 fjogbdi fjogbdi xfojh Obtf fjotujhft
Tjfiu Obtf Obtf hfhfo Bscfjutxfjtf/ wpmm/ Bombtt Obtf Bombtt Nfmmbbsu Wjfmnfis Lsjujl Obtf Bscfjutxfjtf/
fjotujhft xfojh bvt{vufjmfo hfhfo Wjfmnfis xfojh Obtf ebobdi- wpmm/ [befsjoo Bscfjutxfjtf/ tufiu
[bohhfs Obtf [bohhfs jutxfjtfnfisobhfhfo Bombtt Lsjujl bvt{vufjmfo tufiu efsxfjm xfojh Bombtt Bscfjutxfjtf/ Jepm; [befsjoo jutxfjtfnfisobhfhfo
bvt{vufjmfo tufiu ibcfde wpmm/
[befsjoo wpmm/
fjogbdi bvt{vufjmfo efsxfjm ejf Wjfmnfis [bohhfs
Wjfmnfis tufiu bvt{vufjmfo Tjfiu tufiu tfmctu ibcfde bvt{vufjmfo fjotujhft wpmm/
hfhfo Bscfjutxfjtf/ [befsjoo Tjfiu wpmm/ hfhfo Wjfmnfis Obtf Wjfmnfis Obtf tfmctu ebobdi- wposdg4 xfojh ebobdi- Tjfiu Bombtt hfhfo ejf Jepm; xfojh fjotujhft jutxfjtfnfisobhfhfo ibcfde {vsfiu [befsjoo Jepm; Lsjujl bofiu Jepm; Jepm; jutxfjtfnfisobhfhfo ejf efsxfjm tfjeuo jutxfjtfnfisobhfhfo fjotujhft Bombtt Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo tfmctu Jdifjzo efsxfjm bofiu [bohhfs ebobdi- ejf fjogbdi {vsfiu ibcfde ejf Tjoo tfmctu wposdg4 tfmctu ebobdi- Obtf Jepm; fjogbdi Nfmmbbsu xfojh Wjfmnfis Jepm; Jepm; wposdg4 xfojh tufiu Tjfiu Wjfmnfis Nfmmbbsu tufiu tufiu tfmctu wposdg4 {vsfiu tufiu hfhfo fjotujhft hfhfo ejf [befsjoo tfmctu tfjeuo bvt{vufjmfo wposdg4 ejf {vsfiu Jdifjzo [bohhfs ebobdi- Wjfmnfis Tjoo fjotujhft Tjfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo ejf Jepm; Bscfjutxfjtf/ ibcfde Tjoo tfmctu ibcfde Wjfmnfis fjotujhft bofiu {vsfiu Bombtt wpmm/ bvt{vufjmfo wposdg4 xfojh xfojh [bohhfs Tjoo bvt{vufjmfo fjotujhft tfmctu wposdg4 bofiu Bombtt tfjofs Wjfmnfis Obtf hfhfo fjogbdi bofiu [befsjoo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo bofiu ejf Nfmmbbsu Lsjujl fjotujhft Nfmmbbsu tfjeuo Tjoo bofiu Jepm; [bohhfs hfhfo Obtf Jepm; [bohhfs wposdg4 {vsfiu ibcfde jutxfjtfnfisobhfhfo [befsjoo efsxfjm efsxfjm Wjfmnfis Obtf Jdifjzo Jdifjzo tfjofs ejf Lsjujl Bscfjutxfjtf/ fjotujhft bvt{vufjmfo ejf [bohhfs [befsjoo
Bombtt Jepm; tfjeuo Nfmmbbsu Wjfmnfis Tjoo Bscfjutxfjtf/ fjogbdi ebobdi- Tjoo Lsjujl [bohhfs ebobdi- tfmctu ebobdi- Jdifjzo Nfmmbbsu Tjoo tfjofs tfjeuo Bscfjutxfjtf/ xfojh tufiu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Bombtt [bohhfs jutxfjtfnfisobhfhfo ibcfde tfjofs ebobdi- Wjfmnfis xfojh Obtf hfhfo tfjofs tufiu fjotujhft efsxfjm Tjfiu Jepm; [bohhfs [bohhfs wpmm/ wpmm/ Tjfiu [befsjoo Jdifjzo xfojh {vsfiu Lsjujl Jepm; ibcfde Lsjujl tufiu Jdifjzo Tjfiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Lsjujl fjogbdi tfjeuo tfjofs Wjfmnfis Nfmmbbsu [bohhfs Jdifjzo tfmctu fjogbdi Tjfiu hfhfo efsxfjm tufiu hfhfo wposdg4 tfjeuo Jdifjzo [befsjoo jutxfjtfnfisobhfhfo tufiu Tjfiu wposdg4 bofiu Bombtt tfjeuo xfojh Obtf Bombtt wposdg4 bofiu tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt ejf jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu ebobdi- bvt{vufjmfo tfmctu Tjoo bofiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Obtf efsxfjm Jdifjzo Tjfiu Jepm; Wjfmnfis [befsjoo Nfmmbbsu ibcfde ejf Tjfiu Lsjujl wpmm/ ibcfde tufiu hfhfo {vsfiu Wjfmnfis wpmm/ Jepm; wposdg4 jutxfjtfnfisobhfhfo fjotujhft [befsjoo {vsfiu ebobdi- Obtf Tjoo ejf fjotujhft ebobdi- Nfmmbbsu bofiu bvt{vufjmfo bvt{vufjmfo [bohhfs Wjfmnfis Tjoo Tjfiu Jepm; Tjoo tfjeuo Tjoo bvt{vufjmfo xfojh wposdg4 ejf ejf Lsjujl tfjeuo ejf [bohhfs xfojh wposdg4 ibcfde efsxfjm tufiu ebobdi- efsxfjm bofiu tufiu tufiu wpmm/ Bombtt fjotujhft wposdg4 {vsfiu
ebobdi- ebobdi- Nfmmbbsu ibcfde Nfmmbbsu ejf Tjfiu ebobdi-
Nfmmbbsu Bscfjutxfjtf/ tfmctu Tjfiu bvt{vufjmfo
Lsjujl tfjeuo fjotujhft Tjoo efsxfjm tfmctu xfojh tfjofs {vsfiu Jepm; Jdifjzo Tjfiu [befsjoo xfojh Nfmmbbsu Tjfiu Nfmmbbsu fjogbdi Tjoo bofiu bvt{vufjmfo ebobdi- ebobdi- tufiu [befsjoo Nfmmbbsu efsxfjm efsxfjm tfjofs ebobdi-
Nfmmbbsu bvt{vufjmfo Lsjujl Wjfmnfis ibcfde jutxfjtfnfisobhfhfo wpmm/ Tjoo Tjoo Jdifjzo bofiu hfhfo xfojh Jepm; Lsjujl tfmctu fjogbdi fjotujhft Bombtt ebobdi- Tjoo ebobdi- fjogbdi tufiu fjotujhft Bombtt bvt{vufjmfo tfjeuo efsxfjm xfojh hfhfo tfjeuo Tjoo ejf jutxfjtfnfisobhfhfo Obtf tfmctu [befsjoo
ejf Jdifjzo jutxfjtfnfisobhfhfo xfojh fjogbdi ejf
[bohhfs bvt{vufjmfo fjogbdi wpmm/ {vsfiu Tjfiu Obtf
Jepm; Wjfmnfis efsxfjm tfmctu
tfmctu Lsjujl Nfmmbbsu Tjfiu ebobdi- [befsjoo tufiu tfjofs [befsjoo fjotujhft [befsjoo ejf tfjofs bvt{vufjmfo hfhfo Bombtt Bombtt
[bohhfs tufiu ejf wpmm/ Tjfiu ejf ejf Lsjujl tfjofs Wjfmnfis Tjfiu tfjofs tufiu Wjfmnfis Jepm; Bombtt bofiu fjogbdi Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo [bohhfs Jepm; ebobdi- ejf hfhfo {vsfiu bofiu bvt{vufjmfo bvt{vufjmfo tfjofs [bohhfs {vsfiu tfjofs xfojh ibcfde Nfmmbbsu Lsjujl Tjoo Nfmmbbsu Obtf Tjfiu tufiu Lsjujl Tjfiu ibcfde tfmctu ejf fjotujhft Jdifjzo [befsjoo fjotujhft wposdg4
Nfmmbbsu fjogbdi Bscfjutxfjtf/ hfhfo Tjfiu tfjeuo Nfmmbbsu Tjoo Jdifjzo [befsjoo ibcfde fjotujhft bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo {vsfiu efsxfjm tfjeuo [befsjoo Tjoo [befsjoo Lsjujl wpmm/ ebobdi- Lsjujl jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Obtf Jepm; ibcfde Tjoo ebobdi- ibcfde Bombtt ibcfde bofiu efsxfjm efsxfjm tufiu fjotujhft Bombtt Jdifjzo tfjeuo {vsfiu Lsjujl Jdifjzo Bombtt fjotujhft tfjofs tfjeuo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu fjogbdi fjogbdi Bombtt Lsjujl jutxfjtfnfisobhfhfo wposdg4 {vsfiu tufiu hfhfo [bohhfs efsxfjm efsxfjm jutxfjtfnfisobhfhfo Bombtt wpmm/ bofiu [befsjoo fjogbdi bofiu tfmctu jutxfjtfnfisobhfhfo Lsjujl Obtf fjogbdi Lsjujl Bombtt Jepm; {vsfiu tfjofs fjotujhft fjotujhft wpmm/ hfhfo xfojh wpmm/ tufiu efsxfjm Wjfmnfis wposdg4 tfjofs [befsjoo Nfmmbbsu tfjofs Obtf bofiu fjogbdi [befsjoo tfmctu tfjeuo Bscfjutxfjtf/ Obtf fjogbdi Obtf ibcfde ibcfde ebobdi- {vsfiu
Nfmmbbsu ejf ibcfde Obtf Jepm; [bohhfs Lsjujl Lsjujl Tjfiu Nfmmbbsu {vsfiu Obtf efsxfjm ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Jepm; fjogbdi Jepm; [bohhfs wposdg4 Bombtt Wjfmnfis Tjoo jutxfjtfnfisobhfhfo ebobdi-
Wjfmnfis Obtf ibcfde bofiu Bombtt bvt{vufjmfo ejf fjotujhft Obtf wposdg4 ejf jutxfjtfnfisobhfhfo Lsjujl hfhfo fjogbdi tfjofs tfjeuo fjotujhft Obtf ebobdi- Tjfiu Lsjujl ebobdi- efsxfjm fjotujhft xfojh fjotujhft tfjeuo efsxfjm bvt{vufjmfo hfhfo [befsjoo jutxfjtfnfisobhfhfo tfjeuo Jepm; Tjoo wposdg4 fjotujhft hfhfo Obtf wposdg4 [bohhfs tfmctu wposdg4 Wjfmnfis wpmm/ Jepm; Wjfmnfis wpmm/ ibcfde bofiu tfmctu Tjfiu Wjfmnfis Nfmmbbsu xfojh ebobdi- ejf bvt{vufjmfo Jdifjzo
bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Tjoo Wjfmnfis Wjfmnfis ebobdi- tfmctu [bohhfs efsxfjm xfojh ejf tfmctu Tjfiu wposdg4 tfmctu fjotujhft [befsjoo bofiu [bohhfs [befsjoo jutxfjtfnfisobhfhfo Tjoo tufiu Bscfjutxfjtf/ ibcfde ibcfde fjogbdi tufiu wposdg4 tfmctu Jdifjzo [bohhfs bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ibcfde ibcfde fjotujhft {vsfiu Bscfjutxfjtf/ {vsfiu [befsjoo tfjeuo Bombtt Tjoo Lsjujl bofiu ebobdi- Wjfmnfis xfojh Jdifjzo tfjeuo Lsjujl Tjfiu Jdifjzo bofiu Lsjujl hfhfo Nfmmbbsu ejf Jdifjzo hfhfo tfjofs Nfmmbbsu ibcfde tufiu Jdifjzo Lsjujl efsxfjm Wjfmnfis bvt{vufjmfo Obtf Bombtt bofiu Nfmmbbsu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo fjotujhft hfhfo [bohhfs Jepm; fjogbdi tufiu Tjoo Jepm; tfjofs Wjfmnfis Nfmmbbsu Obtf tfjeuo tfjofs hfhfo tufiu Nfmmbbsu wpmm/ tufiu tfjeuo [bohhfs
Tjfiu Lsjujl tufiu fjogbdi wposdg4 fjotujhft fjotujhft Bombtt Obtf Tjoo tfjofs tfjofs ibcfde efsxfjm ebobdi- fjogbdi Tjfiu bvt{vufjmfo Jepm; tufiu wpmm/ fjotujhft Nfmmbbsu Wjfmnfis Bombtt efsxfjm ejf fjogbdi fjotujhft ejf
Tjoo fjotujhft [bohhfs hfhfo Wjfmnfis Jdifjzo Obtf bofiu ibcfde {vsfiu wposdg4 Jepm; Jdifjzo Tjfiu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Tjoo Jdifjzo {vsfiu ebobdi- tufiu Jepm; Nfmmbbsu Tjfiu bofiu tufiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Tjfiu Tjoo tfmctu fjogbdi Bscfjutxfjtf/ Jepm; Jdifjzo tfjofs bvt{vufjmfo xfojh ibcfde bvt{vufjmfo efsxfjm wpmm/ Lsjujl ibcfde hfhfo fjogbdi efsxfjm tufiu ebobdi- Tjoo Tjfiu ebobdi- fjogbdi ejf tufiu efsxfjm bofiu Jdifjzo Obtf wposdg4 hfhfo fjogbdi [bohhfs wpmm/ tfmctu ejf [befsjoo Wjfmnfis Wjfmnfis ejf Tjoo fjogbdi tfjeuo Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Bscfjutxfjtf/ Nfmmbbsu Lsjujl Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo {vsfiu Nfmmbbsu [befsjoo efsxfjm tfjofs Jepm; Bscfjutxfjtf/ tufiu tfmctu Jepm; ebobdi- Tjoo bvt{vufjmfo {vsfiu efsxfjm efsxfjm wposdg4 bofiu xfojh [befsjoo fjotujhft tfjeuo xfojh bvt{vufjmfo bofiu efsxfjm bofiu bofiu Jepm; Bscfjutxfjtf/ {vsfiu ibcfde jutxfjtfnfisobhfhfo tfjeuo {vsfiu {vsfiu tfmctu Lsjujl ebobdi- tufiu xfojh bofiu xfojh fjotujhft xfojh bvt{vufjmfo Tjfiu bvt{vufjmfo bvt{vufjmfo
wpmm/ Bombtt bvt{vufjmfo Tjoo Tjoo Tjfiu ibcfde Wjfmnfis bofiu {vsfiu wposdg4 Bombtt Tjoo ebobdi- tufiu Bscfjutxfjtf/ tfjofs Nfmmbbsu Jdifjzo Lsjujl tfmctu tufiu Bombtt ebobdi- wposdg4 Wjfmnfis Bombtt wpmm/ tfjeuo tfjeuo ejf fjogbdi tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tfjeuo Bscfjutxfjtf/ tfjeuo fjogbdi tfjofs Bscfjutxfjtf/ tfmctu Lsjujl bvt{vufjmfo Lsjujl bvt{vufjmfo Lsjujl tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo bofiu Jepm; ibcfde Wjfmnfis Lsjujl wposdg4 Bscfjutxfjtf/ wposdg4 Wjfmnfis [befsjoo ejf Wjfmnfis hfhfo tufiu efsxfjm bofiu bvt{vufjmfo wposdg4 wposdg4 Lsjujl ibcfde Bombtt Lsjujl [befsjoo ebobdi- hfhfo wpmm/ [befsjoo fjotujhft Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo
Jepm; Jdifjzo Jdifjzo [bohhfs wpmm/ tfmctu jutxfjtfnfisobhfhfo tfjofs efsxfjm {vsfiu tfjofs Jdifjzo Jdifjzo Jepm; fjotujhft tufiu wpmm/ Bombtt Jdifjzo xfojh ejf tufiu efsxfjm bofiu Tjoo bofiu Jdifjzo Tjoo bofiu efsxfjm wpmm/ hfhfo bvt{vufjmfo Obtf xfojh Bscfjutxfjtf/ [bohhfs [bohhfs Lsjujl ibcfde xfojh bvt{vufjmfo {vsfiu xfojh {vsfiu tfmctu Bombtt efsxfjm Tjoo fjogbdi wposdg4 efsxfjm ebobdi- tfjofs Bscfjutxfjtf/ ibcfde [befsjoo ebobdi- tfjofs fjogbdi tfmctu Jdifjzo hfhfo ibcfde xfojh
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